More than 21 m 'inadequately covered'

Posted : 12-12-2007

More than 21.9 million people have opted out of purchasing at least one type of insurance product, according to Sainsbury's Bank.

The main reason people gave for not buying such a product was that they deemed it too expensive, or could not afford it.

Some 4.7 million consumers do not have home insurance that covers their contents, while 1.15 million road users have driven a vehicle in the last year without motor insurance.

Head of insurance at the firm Steve Johnson comments: "Insurance is an absolute must, but our research suggests that millions of people are playing Russian roulette by opting to do without."

As such, he suggests those who feel they cannot afford to take out a policy should shop around to get the best deal they can as this may "dramatically" reduce the cost.

Provider Liverpool Victoria recently stated that home insurance premium costs are determined by a range of issues, such as where the policyholder lives.


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